Indian business tycoon and philanthropist, Azim Premji is soon going to lead a USD 50 Mn round in fashion and lifestyle eTailer Myntra.com through his investment firm Premji Invest, according to reports.

Premji Invest has a corpus of more than USD 1 Bn for private equity investments, and is likely to be a co-investor in this round and as cited in reports, British investor CDC will also be participating in the round. “There are a bunch of other investors putting in money as well,” said a source. Existing investors Accel Partners and Tiger Global will also be participating in the funding round.

This funding round will value Myntra at USD 250 Mn (INR 1,500 Cr), said a source cited earlier in the report.

Mukesh Bansal, founder, Myntra.com, while talking to TOI said that the company is in talks with various investors. “At an appropriate time, we may raise money with the right set of investors,” he added.

We have written to Mukesh for the same, however his response is awaited.

US investment bank Pacific Crest is advising Myntra on the transaction.